MIRA INFORM REPORT

Report Date :

20.06.2014

IDENTIFICATION DETAILS

Name :	SARTHI CHEM PRIVATE LIMITED
Registered Office :	101, “Kalash”, 1-Suryoday Society, Opposite Wockhardt Hospital, Kalawad Road, Rajkot – 360 005, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.12.2004
Com. Reg. No.:	04-045162
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U24110GJ2004PTC045162
TAN No.: [Tax Deduction & Collection Account No.]	RKTS04781A
PAN No.: [Permanent Account No.]	AAICS6358L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Methyl Bromide.
No. of Employees :	17 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 63000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track recordsss. General financial position of the company seems to be sound. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Jagdishbhai Aghera
Designation :	Director
Contact No.:	91-9825232419
Date :	18.06.2014

LOCATIONS

Registered Office :	101, “Kalash”, 1-Suryoday Society, Opposite Wockhardt Hospital, Kalawad Road, Rajkot – 360 005, Gujarat, India
Tel. No.:	Not Available
Mobile No. :	91-9825232419 (Mr. Jagdish Aghera)
Fax No.:	Not Available
E-Mail :	info@sarthichem.com
Website :	http://www.sarthichem.com
Factory :	G.I.D.C., Plot No.254, H-Road, Kuvadva, District Rajkot – 360003, Gujarat, India
Tel. No.:	91-281-2784480
Fax No.:	91-281-2784490
E-Mail :	sales@sarthichem.com

DIRECTORS

As on 27.07.2013

Name :

Mr. Jagdishbhai Thakarshibhai Aghera

Designation :

Managing Director

Address :

Kalash Apartment, Flat No.101, Gondhiya Hospital, Kalawad Road, Rajkot - 360 005, Gujarat, India

Date of Birth/Age :

19.02.1967

Date of Appointment :

11.12.2008

DIN No.:

00035244

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24110GJ2004PTC045162	Sarthi Chem Private Limited	Managing director	11-12-08	16-12-04	-	Active	NO
2	U24100GJ2010PTC060679	Sarthi Chem - Tech Private Limited	Director	13-05-10	13-05-10	-	Active	NO
3	U29130GJ2010PTC062511	Shreenathji Techno Cast (Gujarat) Private Limited	Director	01-10-10	01-10-10	04-04-12	Active	NO
4	U24100GJ2011PTC066243	Jupiter Bromo Chem Private Limited	Director	06-07-11	06-07-11	-	Active	NO

Name :

Mr. Pinakin Kanchandas Vachhani

Designation :

Whole Time Director

Address :

42, Samarth Tower, Akshar Marg, Kalawad Road, Rajkot – 360 005, Gujarat, India

Date of Birth/Age :

31.03.1961

Date of Appointment :

11.12.2008

DIN No.:

00091844

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24110GJ2004PTC045162	Sarthi Chem Private Limited	Whole-time director	11-12-08	16-12-04	Active	NO
2	U24100GJ2011PTC066243	Jupiter Bromo Chem Private Limited	Director	06-07-11	06-07-11	Active	NO

Name :

Mr. Nitinbhai Jamnadas Aghera

Designation :

Director

Address :

Block No.12, Suvidha Society, Kolki Road, Upleta – 360 490, Gujarat, India

Date of Birth/Age :

02.06.1971

Date of Appointment :

16.12.2004

DIN No.:

00035304

KEY EXECUTIVES

Name :	D. Ganatra and Company
Designation :	Practicing Company Secretary
Address :	513, Star Plaza, Phulchhab Chowk, Rajkot – 360 001, Gujarat, India
Tel. No.:	91-281-2477516
Mobile No.:	91-9426201730
E-Mail :	pcs.dganatra@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.07.2013

Names of Shareholders	No. of Shares
Jadish Thakarshibhai Aghera	17000
Pinakin K. Vachhani	18000
Nitinbhai Jamnadas Aghera	14000
Gajendra B. Kothadia	7500
Parul Jagdish Aghera	8000
Ishwar Jamnadas Ghodhasara	7500
Sureshkumar Karsanbhai Balochiya	5000
Dineshkumar Karsandas Balochiya	5000
Pravina Vinodrai Kalawadia	9000
Kanish Bharatbhai Changela	9000
Total	100000

Equity Share Break up (Percentage of Total Equity)

As on 27.07.2013

Category	Percentage
Directors or relatives of Directors	57.00
Other top fifty shareholders	43.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Methyl Bromide.
Products :	· Methyl Bromide · Chloropicrin · Fumigation
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Suppliers :

· Avara Laboratories Private Limited

· Cadila Healthcare Limited

· Debio Pest Control

· Innovative Pest & Property Management Science

· Karni Pest Control Private Limited

· Meghmani Industries Limited

· National Bulk Handling Corporation

· Neogen Chemicals Limited

· Sami Labs Limited

· Shiv Shakti Pest Control

· Shree Nidhi Organics Private Limited

· Suma Pest

· United Pest Control Agency

Customers :

· Bharuch Enviro Infrastructure Limited

· Envisate Environment Consultants

· Green Circle Incorporation

· Krishna Enterprise

· Lalji Mulji Transport Company

· Naranji Peraj Transport Company

· P B Dadhaniya and Company

· Plus Service

· R K Sureja and Company

· Sagar Enterprise

· Sankalp Art

· Shraddha Enterprise

• End Users

No. of Employees :

17 (Approximately)

Bankers :

· Union Bank of India, SSI Branch, Gondal Road, Rajkot – 360 001, Gujarat, India

· The Karur Vysya Bank Limited, Near Gaisford Talkies, Rajkot Gymkhana Club Complex, Trikon Baug, Rajkot – 360 001, Gujarat, India

· HDFC Bank Limited

Facilities :

SECURED LOANS

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Term Loans from Banks
HDFC Bank Limited - Innova Car Loan- 1 [Secured against Hypothecation of Innova Car] Terms of Repayment : EMI : Rs. 24,450/- Rate of Interest : 14.53%	0.000	0.272
HDFC Bank Limited - Innova Car Loan–2 [Secured against Hypothecation of Innova Car] Terms of Repayment : EMI : Rs. 23,025/- Rate of Interest : 11.80%	0.561	0.758
Karur Vysya Bank - Building Loan [Secured against Mortgage of Factory Land and Building Property situated at Plot No.,267, GIDC Kuwadva, Rajkot] Terms of Repayment : EMI : Rs. 1,02,389/- Rate of Interest : 13.75%	0.000	2.456
Union Bank of India - Honda City Car Loan [Secured against Hypothecation of Honda City Car] Terms of Repayment : EMI : Rs. 10,747/- Rate of Interest : 10.50%	0.000	0.090
Union Bank of India - Micra Car Loan [Secured against Hypothecation of Micra Car] Terms of Repayment : EMI : Rs. 13,190/- Rate of Interest : 11.50%	0.000	0.161
SHORT TERM BORROWINGS
Term loans from Banks
Loans repayable on demand : (Secured against primary security of Stock and Book Debts by way of hypothecation and collateral security of Factory Land and Building situated at Plot No. H/254, Kuwadva GIDC, NH 8-B, At Kuwadava Dist. : Rajkot by way of mortgage and Plant and Machineries by way of hypothecation) Union Bank of India - Cash Credit Account	0.000	2.975
Total	0.561	6.712

Banking Relations :

--

Auditors :

Name :

P.B. Dadhaniya and Company

Chartered Accountants

Address :

514, Star Plaza, Phulchhab Chowk, Rajkot – 360 001, Gujarat, India

Tel. No.:

91-281-2476006, 2479243

Income-tax PAN of auditor or auditor's firm :

ABRPD4839N

Associates/Subsidiaries :

· Sarthi Chem Tech Private Limited

CAPITAL STRUCTURE

As on 27.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.000	1.000	1.000
(b) Reserves & Surplus	14.780	4.743	3.458
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	15.780	5.743	4.458
(3) Non-Current Liabilities
(a) long-term borrowings	19.330	22.258	11.831
(b) Deferred tax liabilities (Net)	0.179	0.257	0.348
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	19.509	22.515	12.179
(4) Current Liabilities
(a) Short term borrowings	0.000	2.975	2.323
(b) Trade payables	0.972	4.269	1.106
(c) Other current liabilities	2.044	1.808	1.360
(d) Short-term provisions	4.930	1.388	0.580
Total Current Liabilities (4)	7.946	10.440	5.369
TOTAL	43.235	38.698	22.006
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.419	20.987	9.616
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.266	0.225	0.228
Total Non-Current Assets	20.685	21.212	9.844
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.712	3.951	3.373
(c) Trade receivables	10.918	11.736	5.818
(d) Cash and cash equivalents	2.363	1.082	2.273
(e) Short-term loans and advances	4.557	0.717	0.698
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	22.550	17.486	12.162
TOTAL	43.235	38.698	22.006

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	137.308	81.929	60.595
		Other Income	0.660	0.066	0.041
		TOTAL	137.968	81.995	60.636
Less	EXPENSES
		TOTAL	122.526	80.058	59.525
	PROFIT BEFORE TAX		14.848	1.937	1.111
Less	TAX		4.818	0.653	0.349
	PROFIT AFTER TAX		10.030	1.284	0.762
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.742	3.458	2.696
	BALANCE CARRIED TO THE B/S		14.772	4.742	3.458
	IMPORTS
		Raw Materials	3.735	1.751	0.000
	TOTAL IMPORTS		3.735	1.751	0.000
	Earnings Per Share (Rs.)		10.03	12.84	7.62

Particulars	31.03.2014
Sales Turnover (Approximately)	140.000

The above information has been parted by Mr. Jagdishbhai Patel (Director).

ss

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.27	1.57	1.26
Net Profit Margin (PBT/Sales)	(%)	10.81	2.36	1.83
Return on Total Assets (PBT/Total Assets}	(%)	34.34	5.01	5.05
Return on Investment (ROI) (PBT/Networth)		0.94	0.34	0.25
Debt Equity Ratio (Total Debt /Networth)		1.22	4.39	3.17
Current Ratio (Current Asset/Current Liability)		2.84	1.67	2.27

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.000	1.000	1.000
Reserves & Surplus	3.458	4.743	14.780
Net worth	4.458	5.743	15.780
long-term borrowings	11.831	22.258	19.330
Short term borrowings	2.323	2.975	0.000
Total borrowings	14.154	25.233	19.330
Debt/Equity ratio	3.175	4.394	1.225

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	60.595	81.929	137.308
		35.208	67.594

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	60.595	81.929	137.308
Profit	0.762	1.284	10.030
	1.26%	1.57%	7.30%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from 5, Divya Complex, 80 Feet Road, Opposite G.T. Sheth School, Vaniya Wadi Corner, Rajkot – 360 002, Gujarat to the present address w.e.f. 11.12.2008.

UNSECURED LOANS

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Loans and Advances from Related Parties :
From Directors, Their Relatives and Associate Concerns
Gajendra B Kothadia	0.641	0.038
Ishwarbhai J Godhasara	1.460	0.825
Jagdish T Agera	1.199	3.359
Kanishbhai B Changela	1.289	0.897
Nitin J Aghera	3.103	2.461
Parul J Aghera	1.043	1.584
Pinakin K Vachhani	6.961	7.561
Pravina V Kalawadia	1.640	0.993
Sureshbhai K Barochiya	1.433	0.803
Total	18.769	18.521

OPERATION DURING THE YEAR:

The Revenue from Operation of the Company has been increased from Rs. 81.929 Millions to Rs. 137.308 Millions and Other Income of Rs. 0.066 Million in the Current Year. The main product of the Company is methyl bromide which constitutes around 99% of the gross sales of the Company. Net of excise and other deductions, the net sales income during the year was of Rs. 136.9 Millions. Higher sales resulted into higher profit, gross and net, as compared to last year highlighted above. Thus despite the facts that Indian Economy is passing through slower economic growth, the Company has performed well as compared to previous year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10323132	03/12/2011	4,425,000.00	THE KARUR VYSYA BANK LIMITED	NEAR GAISFORD TALKIES, RAJKOT GYMKHANA CLUB COMPLEX, TRIKON BAUG, RAJKOT, GUJARAT-360001, INDIA	B27865948

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant & Machinery
• Furniture & Fixtures
• Vehicles
• Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.00
UK Pound	1	Rs. 102.04
Euro	1	Rs. 81.71

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	KRN
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.